Uruguay Has Big Hopes for Pot Industry

First Nation to Fully Regulate Cannabis Industry Seeks Investors

By

Ken Parks

May 23, 2014 6:05 p.m. ET

Uruguay doesn't want marijuana tourists flocking to its shores for cheap pot. Instead, the small South American nation hopes that its status as the only country to fully regulate the cannabis industry will turn it into a magnet for investment in medical and other applications of the plant.

World leaders and activists on both sides of the drug-legalization debate are closely watching Uruguayan President Jose "Pepe" Mujica's...